Chainlink, a major smart contract engineering science supplier, has tapped a new partnership to streamline one of the biggest issues around smart contracts.

According to a March 11 tweet, Chainlink has partnered with Hdac Engineering, a blockchain startup founded by Dae Lord's day Chung, CEO of software firm Hyundai BS&C and member of the Hyundai family. By bringing their forces together, the firms intend to jointly develop a system for delivering off-chain data on blockchain in an endeavor to bolster smart contract execution.

Specifically, Chainlink and Hdac will exist addressing the blockchain oracle problem, which is considered to be the biggest obstruction in commercializing smart contract technology. As described past Bitcoin (BTC) programmer Jimmy Song, the Oracle Problem refers to the security and trust conflict associated with linking a digital asset to a physical asset, which is required for the trustless execution of smart contracts.

The Oracle Problem questions whether information written to a blockchain credibly reflects actions taken in the existent world

A blockchain oracle is a basic component of smart contracts — special contracts that are designed to automatically verify or implement the negotiation or performance of the contract without participation of third parties. As reported by Cointelegraph, a blockchain oracle is a arrangement that provides the necessary off-concatenation or physical data for a smart contract to be executed when the terms of the contract are met.

Equally such, the Oracle Problem refers to the fact that smart contracts do not have the ability to decide the authenticity of existent world events on their ain. They are only able to execute once they receive data from a predetermined source of truth, called an Oracle. This reliance on a third-political party source of information removes one of the key features of smart contracts: trustlessness. While Chainlink and Hdac consider their collaboration to be a technical effort, some industry players fence that the Oracle problem "isn't a problem," claiming that the solution to the problem is always social rather than technical.

Chainlink to verify off-chain data for Hdac'southward blockchain DApps

By partnering with Hdac, Chainlink intends to integrate its oracle middleware solution with Hdac's decentralized applications to securely access off-chain data. This will allow them to communicate with external systems, such every bit other blockchains or payment systems, as announced by Hdac. As part of the collaboration, Chainlink will exist verifying off-chain data using a collection of multiple validating partners that are able to confirm off-concatenation events and deliver data to the on-concatenation smart contract.

Cointelegraph contacted both Chainlink and Hdac to detect out more details nearly the tools used in the collaboration, but did not receive an immediate reply. This story will be updated should they respond.

Chainlink token striking an ATH on March 4, 2022

Founded in 2022, Chainlink is an open-source smart contract technology provider that specializes in bridging external information sources and public blockchains. The visitor is known for providing its applied science for global tech and payment giants like Google and SWIFT. Chainlink launched its Ethereum-based mainnet in June 2022, bringing the industry another step closer to solving the Oracle Problem.

On March 4, Chainlink partnered with Chiliz, an Ethereum-based sports tokenization platform, to unlock existent-time non-fungible token cosmos. Amid the news, Chainlink's native token LINK approached its highest ever price, striking an best high of $iv.9 on March 4. As of press time, Chainlink token is trading at $3.7, down nearly 7% over the by 24 hours, following another moving ridge of ruddy on the crypto markets.

Chainlink all-time price chart. Source: Coin360

Chainlink all-fourth dimension price chart. Source: Coin360